Canadian General Investments, Limited announced today that it has entered into an agreement with a Canadian chartered bank for a $75 million three-year fixed rate secured credit facility. Proceeds from the facility will be used to fund the previously announced June 10, 2016 redemption of its $75 million 3.90% Cumulative Redeemable Class A Preference Shares, Series 3 (TSX symbol: CGI.PR.C), and on an ongoing basis as part of Canadian General’s overall leverage strategy.
Canadian General has engaged in a leveraged strategy since its first issuance of Class A preference shares in 1998 in an effort to enhance returns to common shareholders.
CGI : Canadian General refinances its preference shares